If merchandise costing $500 is sold on account for $620, how is this transaction recorded when using a perpetual inventory system?
A. Debit Accounts Receivable and credit Sales Revenue for $620; debit Inventory and credit Cost of Goods Sold for $500.
B. Debit Accounts Receivable, credit Sales Revenue for $620; debit Cost of Goods Sold, and credit Inventory for $500.
C. Debit Accounts Receivable and credit Sales Revenue for $620.
D. Debit Cash and credit Sales Revenue for $620; debit Cost of Goods Sold and credit Inventory for $500.
Answer: B
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Casivant Corporation makes a product that uses a material with the following direct material standards: Standard quantity 3.8pounds per unitStandard price$4.00per poundThe company produced 7,300 units in November using 28,710 pounds of the material. During the month, the company purchased 30,800 pounds of the direct material at a total cost of $117,040. The direct materials purchases variance is computed when the materials are purchased.?The materials price variance for November is:
A. $5,548 U B. $6,160 F C. $5,548 F D. $6,160 U
Short organizational life cycles put more pressure on the organization to:
A. adopt a mechanistic structure. B. define employees' roles by formal documentation. C. adopt a tall organizational structure. D. be both flexible and efficient at the same time.
Period costs are initially recorded in asset accounts and are later expensed in the period when the related units are sold.
Answer the following statement true (T) or false (F)
Evelyn, a team leader, wanted to make some changes in the seating arrangement of her team members in order to improve communication. She chalked out a plan that she thought would suit everybody and sent it to all the members, asking them for their opinions and suggestions. This is an example of
A. groupthink. B. two-way communication. C. one-way communication. D. filtering. E. intrapersonal communication.